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The portability of pension rights is an increasingly important issue in the Caribbean. The large and increasing flows of migrant workers, including both permanent and temporary migrants, the small size of the domestic economies and the process of regional integration and economic openness call for effective means to make pensions portable. This document presents a select survey of the literature on pension portability and reviews the progress made by the Caribbean countries as well as some remaining challenges in the light of the international experience.

National pension systems will vary among countries because of several factors. The role of the corporate pension in sustaining and supporting a country’s retirees is also different among nations. There are two main pension plans defined in International Accounting Standard No. 19: Employee Benefits, namely, defined benefit plans and defined contribution plans. The defined benefit plan requires a company to recognise its pension funding status on the balance sheet. In contrast, in a defined contribution plan, only the contribution amount to the plan is recognised as an expense on the firm’s income statement. The aim of this paper is to investigate in ASEAN countries the relationship between the presence of corporate pension plans and specific financial factors in companies. The result of the empirical research shows companies with higher profitability and efficiency tend to provide corporate pension plans to their employees.

Sharia national pension savings bank (BTPNS) is a company that provides financial products and services to people who are mengarh or pre-prosperous. Therefore, it is very necessary that BTPNS will foster discipline and provide the best service class for employees in their performance for underprivileged people. The purpose of this study is to understand whether employee discipline and service have a major impact on customer satisfaction levels. In this study, using a quantitative method with a research population of 2022 people who became BTPNS customers in the Cisarua area, Bogor Regency, with a sample of 100 customers. The results of the observation stated that the level of service and discipline had a very positive and relevant impact on customer satisfaction. This is confirmed from the results of hypothesis testing which states the relevant numbers of the two independent variables that help the hypothesis.

The aim of the scientific article is to study the peculiarities of the operation of funded pension systems in Eastern Europe, determine their advantages, disadvantages, the impact of various factors on their efficiency, assess the role of funded pension insurance in them and to justify their positive experience in pension reform оf Ukraine. Research methods. When writing a scientific article, appropriate research methods were used: balance, monograph methods, the method of statistical grouping and tables, methods of analysis using generalizing indicators: absolute and relative, averages and time series data. Research methodology. The assessment of the level of social standards of pension systems in Eastern Europe and Ukraine was carried out by comparing the level of pensions, wages, replacement rate. The demographic situation was characterized by the use of forecast calculations of international financial organizations. The information and methodological base of the research was the materials of international financial organizations, which characterize the development of funded pension systems in Eastern Europe, forecast calculations in the demographic sphere, special economic literature, scientific works of domestic and foreign scientists on the study of funded pension insurance. Results. The scientific article considers the issues of reforming the national pension systems of Eastern Europe in modern conditions, the peculiarities of their development taking into account the manifestation of demographic factors, focuses on the functioning of multilevel pension models, defines the role of funded pension programmes in pension income. It is noted that modern approaches to the formation of national pension systems are based on the use of pension insurance principles. An assessment of the level of social standards in Eastern Europe is made and a comparative analysis of them with the relevant indicators in Ukraine is given, the features of the use of funded pension programmes at the present stage of reforming the pension systems of Eastern Europe are identified. The necessity and preconditions of introduction of obligatory accumulative pension insurance in Ukraine at the present stage of reforming its national pension system are substantiated, it is noted that practical use of accumulative pension programmes will gradually lead to increase of social protection level of people of retirement age, increasing investment in the national economy.

This paper studies how the adoption of a universal points-based pension regime (UPR) impacts the implicit marginal tax rate of the pension contribution. Using the formulas for calculating pension entitlements, we identify two key factors for analysing the nature of the change: the wage revaluation factor, and the marginal replacement rate of the revalued wage. We also observe that the method of calculating the defined-benefit pension paid by France?s national pension regime, the CNAV, leads to a discontinuity, because only the marginal increases in wages associated with the best years of contributions count. Our calculations show the extent to which UPR contributions eliminate this discontinuity and also reduce the marginal tax rate of the contribution of France?s supplementary pension scheme for private sector employees (AGIRC-ARRCO), thanks to a better indexation of the value of points. The UPR contribution does not eliminate the implicit marginal rate but leads to a smoother profile over the life cycle.

Singapore is a small country in South East Asia with a population of some 3.7 million. It achieved independence from Britain in 1965 and since then has made remarkable progress as a nation, so much so that other countries are now looking closely at its policies with a view to discovering its secrets of success. While the policies attracting attention range from Singapore's national pension scheme to the way in which traffic flow is controlled, the major area of interest here is to investigate the country's promotion of information literacy. Singapore is largely devoid of natural resources, so there has always been an emphasis on seeing people as capital. As in many Asian countries, cheap labour was at first the basis for building strong manufacturing industries to earn revenue by exporting goods to richer nations. Economic growth would occur as long as inputs of labour and of capital investment went on growing, but eventually this would slow because the sources of these inputs are finite. Krugman (1994) described this as the "perspiration theory": success was based on working harder, not working smarter. Krugman's writings aroused hostile reaction in many Asian countries, but even he did not predict the extent of the economic crisis in the region during the late 1990's. By this time, though, Singapore's leaders were working on the problem and laying the foundations that would produce a workforce with something more to offer than perspiration.

In July 2018, the Korean National Pension Service (KNPS), one of the world’s largest pension funds, introduced a stewardship code, and in February 2019 it first exercised active shareholder engagement in an investee. Using an event study methodology, we examine whether this institutional investor’s active shareholder engagement affected the stock market. We find that the stock value of the KNPS’s investees was reduced after the active shareholder engagement. The effect was larger in the case of small-cap stocks, companies in which the KNPS has a 5–10% share, and firms with a lower environmental, social, and governance grade. This implies that market concerns about government intervention are valid, and institutional reforms are necessary, including specific guidelines to balance shareholder and management rights.

Бурденюк С. В. ПЕРСПЕКТИВИ РОЗВИТКУ НАКОПИЧУВАЛЬНОГО ПЕНСІЙНОГО ЗАБЕЗПЕЧЕННЯ В УКРАЇНІ Мета. Аналіз пенсійної системи України та напрямків її реформування, з’ясування ролі накопичувального пенсійного страхування в системі соціального захисту населення, а також дослідження перспектив запровадження обов’язкової накопичувальної пенсійної системи в Україні. Методи дослідження. При проведенні досліджень була опрацьована спеціальна економічна література, що стосується запровадження і використання системи накопичувального пенсійного забезпечення, застосовувалися різноманітні економічні методи, використовувалися відповідні нормативно-інструктивні документи у сфері пенсійного забезпечення, статистичні дані Пенсійного фонду України. Проводячи дослідження, при оцінці динаміки рівня мінімальної, середньої пенсії, заробітної плати використовувався метод абсолютних і відносних, середніх величин та показників ряду динаміки, при характеристиці доходної і видаткової частини Пенсійного фонду України метод аналізу за допомогою узагальнюючих показників та інші економічні методи. Інформаційною базою дослідження послужили законодавчі документи Верховної Ради України, нормативно – інструктивні документи Кабінету Міністрів України, статистична звітність Головного Управління Пенсійного фонду України. Одержанню відповідних результатів дослідження сприяло використання спеціальної економічної літератури з питань функціонування національної пенсійної системи, її реформування і можливостей використання накопичувального пенсійного забезпечення. Результати дослідження. Проаналізовано динаміку мінімального і середнього рівнів пенсій в Україні за останні п’ять років, визначено їх співвідношення до середньої заробітної плати в Україні, дано оцінку коефіцієнта заміщення. Звернуто увагу на необхідність використання коштів Державного бюджету України для потреб Пенсійного фонду при виплаті пенсій громадянам пенсійного віку. Визначено необхідність запровадження другого рівня вітчизняної пенсійної системи для відновлення належного рівня пенсійного забезпечення в Україні. Проаналізовано умови і перспективи запровадження обов’язкового накопичувального пенсійного страхування. Охарактеризовано основні законопроекти, що стосуються практичного використання другого рівня, звернуто увагу на використання основних фінансових інститутів, які можуть використовуватися на цьому рівні. Наукова новизна результатів дослідження. Набуло подальшого розвитку обґрунтування доцільності запровадження обов’язкового накопичувального пенсійного забезпечення, яке дасть можливість підвищити доходи українських пенсіонерів. Практичне застосування другого рівня вітчизняної пенсійної системи сприятиме формуванню її як цілісного механізму. Потужну фінансову базу накопичувальних пенсійних програм можна буде використовувати для розвитку національної економіки. Практична значущість результатів дослідження. Отримані результати дослідження створюють підґрунтя для подальшого вивчення теоретичних засад та розроблення практичних рекомендацій щодо запровадження обов’язкового накопичувального пенсійного забезпечення і розвитку вітчизняної пенсійної системи. Ключові слова: накопичувальне пенсійне забезпечення, пенсійне казначейство, пенсійне законодавство, пенсійні активи, середня пенсія, Пенсійний фонд України, пенсійні внески. Бурденюк С. В. ПЕРСПЕКТИВЫ РАЗВИТИЯ НАКОПИТЕЛЬНОГО ПЕНСИОННОГО ОБЕСПЕЧЕНИЯ В УКРАИНЕ. Цель. Анализ пенсионной системы Украины и направлений ее реформирования, выяснение роли накопительного пенсионного страхования в системе социальной защиты населения, а также исследования перспектив введения обязательной накопительной пенсионной системы в Украине. Методы исследования. При проведении исследований была изучена специальная экономическая литература, касающаяся введения и использования системы накопительного пенсионного обеспечения, применялись различные экономические методы, использовались соответствующие нормативно-инструктивные документы в сфере пенсионного обеспечения, статистические данные Пенсионного фонда Украины. Проводя исследования, при оценке динамики уровня минимальной, средней пенсии, заработной платы использовался метод абсолютных и относительных, средних величин и показателей ряда динамики, при характеристике доходной и расходной части Пенсионного фонда Украины метод анализа с помощью обобщающих показателей и другие экономические методы. Информационной базой исследования послужили законодательные документы Верховной Рады Украины, нормативно – инструктивные документы Кабинета Министров Украины, статистическая отчетность Главного управления Пенсионного фонда Украины. Получению соответствующих результатов исследования способствовало использование специальной экономической литературы по вопросам функционирования национальной пенсионной системы, ее реформирования и возможностей использования накопительного пенсионного обеспечения. Результаты исследования. Проанализирована динамика минимального и среднего уровней пенсий в Украине за последние пять лет, определены их соотношение к средней заработной плате в Украине, дана оценка коэффициента замещения. Обращено внимание на необходимость использования средств Государственного бюджета Украины для нужд Пенсионного фонда при выплате пенсий гражданам пенсионного возраста. Определена необходимость введения второго уровня отечественной пенсионной системы для восстановления надлежащего уровня пенсионного обеспечения в Украине. Проанализированы условия и перспективы введения обязательного накопительного пенсионного страхования. Охарактеризованы основные законопроекты, касающиеся практического использования второго уровня, обращено внимание на использование основных финансовых институтов, которые могут использоваться на этом уровне. Научная новизна результатов исследования. Получило дальнейшее развитие обоснование целесообразности введения обязательного накопительного пенсионного обеспечения, которое позволит повысить доходы украинских пенсионеров. Практическое применение второго уровня отечественной пенсионной системы будет способствовать формированию ее как целостного механизма. Мощную финансовую базу накопительных пенсионных программ можно будет использовать для развития национальной экономики. Практическая значимость результатов исследования. Полученные результаты исследования создают основу для дальнейшего изучения теоретических основ и разработка практических рекомендаций по внедрению обязательного накопительного пенсионного обеспечения и развития отечественной пенсионной системы. Ключевые слова: накопительное пенсионное обеспечение, пенсионное казначейство, пенсионное законодательство, пенсионные активы, средняя пенсия, Пенсионный фонд Украины, пенсионные взносы. Burdeniuk S.V. PROSPECTS FOR THE DEVELOPMENT OF FUNDED PENSION PROVISION IN UKRAINE Purpose. The aim of the article is the analysis of the pension system of Ukraine and directions of its reform, clarification of the role of accumulative pension insurance in the system of social protection of the population, as well as study of the prospects for the introduction of a mandatory accumulative pension system in Ukraine. Methods of research. During the research, special economic literature related to the introduction and use of the funded pension system was developed, various economic methods are used, relevant normative and instructive documents in the field of pension provision, statistical data of the Pension Fund of Ukraine are used. Conducting research, the method of absolute and relative, average values and indicators of a number of dynamics is used in assessing the dynamics of the minimum, average pension, wages; the method of analysis using generalized indicators is applied in characterizing the income and expenditure of the Pension Fund of Ukraine. The legislative documents of the Verkhovna Rada of Ukraine was information base of the research, normative and instructive documents of the Cabinet of Ministers of Ukraine, statistical reporting of the Main Department of the Pension Fund of Ukraine. The relevant results of the study were facilitated by the use of special economic literature on the functioning of the national pension system, its reform and the possibilities of using the accumulative pension provision. Findings. The dynamics of the minimum and average levels of pensions in Ukraine over the past five years is analysed, their ratio to the average wage in Ukraine is determined, and the replacement rate is estimated. Attention is drawn to the need to use the State Budget of Ukraine for the needs of the Pension Fund in the payment of pensions to citizens of retirement age. The need to introduce the second level of the domestic pension system to restore the appropriate level of pension provision in Ukraine has been identified. The conditions and prospects for the introduction of mandatory funded pension insurance are analysed. The main bills concerning the practical use of the second level are described; attention is paid to the use of the main financial institutions that can be used at this level. Originality. The substantiation for the introduction of mandatory funded pension provision, which will increase the income of Ukrainian pensioners, has been further developed. The practical application of the second level of the domestic pension system will contribute to its formation as a holistic mechanism. A strong financial base of funded pension programs can be used for the development of the national economy. Practical value. The obtained results of the study provide a basis for further study of the theoretical foundations and development of practical recommendations for the introduction of mandatory funded pension provision and the development of the domestic pension system. Key words: accumulative pension provision, pension treasury, pension legislation, pension assets, average pension, Pension Fund of Ukraine, pension contributions.

Institutional investors dissatisfied with weak firm governance can directly or indirectly intervene in management to maximise profits. However, no study has investigated the effects of such interve...

We employ a two-country overlapping-generations model to explore the international dimension of household portfolio choices induced by the asymmetric provision of government-run pensions. We study the resulting patterns of risk-sharing and the corresponding welfare effects on both home and foreign agents. Introducing the defined benefits pay-as-you-go system at home increases the welfare of all other agents at the expense of the home workers and improves the degree of intergenerational risk sharing abroad. Conversely, a defined contributions system leads to welfare losses of both home cohorts accompanied by gains abroad, but does increase the extent of intergenerational risk sharing at home.

This study examines the effects of National Pension Service (NPS) of Korea and the Stewardship Code on dividend policy and firm value. We find that NPS increases the dividend yield of firms, and th...

This study recognizes the seriousness of poverty experienced by elderly women in Korea and to examine the relationship between various variables based on their understanding of the happiness they seek. For this purpose, a questionnaire survey was conducted on 293 poor elderly women over the age of 65 on social policy, social support, and happiness. From the collected data, it was confirmed whether satisfaction with two social policies, the national pension and the basic pension, affects the happiness of the poor. And it analyzed whether social support acts as a mediator in the path of the research model designed in this study. The analysis results of this study are as follows. First, through the verification, the reliability of the measured variables was secured, and it has been confirmed that the model designed in this study is a model that describes the relationship between social policy and the happiness of poor elderly women. Second, as a result of analyzing the effect of social policy on the happiness of the elderly in poverty, it was found that the national pension system and the basic pension system had a significant positive effect on the happiness of the poor elderly women. Finally, it was analyzed that there was a more positive effect when there was a mediating effect of social support in the relationship between social policy and the happiness of poor elderly women. Furthermore, based on the results of this study, the policy and practice direction for improving the happiness of the elderly in poverty were presented.

PurposeThis paper examines whether and how labour market duality can be alleviated through legislation that prohibits discrimination based on employment type.Design/methodology/approachIn 2007, the Korean government undertook a labour reform banning discriminatory treatment against fixed-term, part-time and dispatched workers. By exploiting a gradual implementation of the anti-discrimination law by firm size targeting a subset of non-regular workers, the paper identifies the treatment effects of the anti-discrimination law, taking a difference-in-difference-in-differences approach.FindingsThe results suggest that the anti-discrimination law significantly increases hourly wages and the probabilities of being covered by national pension, health insurance, and employment insurance for targeted non-regular workers in small firms relative to other workers. Anticipatory behaviours of employers and selective transitions of employees in response to the implementation of the anti-discrimination law do not underlie the estimated effects. The presence of labour unions contributes to reducing gaps in labour conditions between regular workers and targeted non-regular workers.Originality/valueThe main contribution of this paper is to provide empirical evidence on causal impacts of equal pay legislation on the gaps in labour conditions between different categories of workers, using a difference-in-difference-in-differences estimation.

This paper aimed to apply (dynamic and static) actuarial models to calculate the balanced contribution rates for the planned (at the minimum age) retirement benefit of the General Social Security System, based on the original and substitutive texts of the reform proposed by Michel Temer’s government. Even with the regular increases in life expectancy and the long-term nature of the analyses, national studies on social security are typically based on the static mortality hypothesis. The relevance of this study is evident due to the demographic changes, particularly the increase in life expectancy, experienced by the Brazilian population in recent decades and which put in question the sustainability of the national pension system. The use of dynamic actuarial models allows for more accurate discussions about the future of social security, besides contributing to the still scarce national literature. Static and dynamic actuarial models were applied to a representative individual, adjusting mortality tables from the United Nations covering 1950 to 2100. It was verified that the actuarially fair rates calculated by the dynamic actuarial model are typically higher than those obtained by the static model, especially for women. This difference is expected to increase as gains in life expectancy become more influenced by the reduction in mortality at more advanced ages. Moreover, if the social security reform is approved (in accordance with either the original or the substitutive text), there are indications from the dynamic model that the contributions rates currently charged would be excessive for men. In turn, these rates would be excessive for women considering the original text, and closer to the actuarially fair value considering the substitutive text. The development, disclosure, and regular updating of official dynamic tables (whether for mortality or other biometric assumptions) are also recommended. Resumo O estudo objetivou aplicar modelos atuariais (dinâmicos e estáticos) para calcular as alíquotas previdenciárias equilibradas para o benefício de aposentadoria programada (na idade mínima) para o Regime Geral de Previdência Social, tomando como base o texto original e o substitutivo da reforma proposta pelo Governo Michel Temer. Mesmo ante os aumentos regulares da expectativa de vida e o caráter de longo prazo das análises, os estudos nacionais sobre previdência tipicamente se apoiam na hipótese de mortalidade estática. A relevância deste estudo é evidenciada devido às mudanças demográficas, particularmente o aumento da expectativa de vida, vivenciadas pela população brasileira nas últimas décadas e que põem em dúvida a sustentabilidade do sistema previdenciário nacional. O uso de modelos atuariais dinâmicos possibilita discussões mais acuradas sobre o futuro da previdência, além de contribuir para uma literatura nacional ainda escassa. Foram aplicados modelos atuariais estáticos e dinâmicos para um indivíduo representativo, ajustando tábuas de mortalidade das Nações Unidas entre 1950 e 2100. Constatou-se que as alíquotas atuarialmente justas calculadas pelo modelo atuarial dinâmico são tipicamente maiores do que aquelas obtidas por meio do modelo estático, sobretudo para as mulheres. Espera-se que tal diferença aumente à medida que os ganhos na expectativa de vida passem a sofrer maior influência da redução da mortalidade nas idades mais avançadas. Adicionalmente, pelo modelo dinâmico, sendo aprovada a reforma da previdência (pelo texto original ou substitutivo), há indícios de que as alíquotas cobradas atualmente seriam demasiadas para os homens. Por sua vez, essas seriam demasiadas para as mulheres pelo texto original e mais próximas do valor atuarialmente justo pelo texto substitutivo. Recomenda-se, ainda, o desenvolvimento, a divulgação e a revisão regular de tábuas dinâmicas oficiais (seja para a mortalidade ou outras premissas biométricas).

The article is devoted to topical issues of development of the system of non-state pension provision in Ukraine. In the article we established that the possibility of individualizing the process of accumulating funds for the needs of pension provision, increasing the size of the average pension in the state and partially solving the problem of the need to realize significant budgetary expenditures to finance the deficit of Pension Fund of Ukraine determines the prospects for the development of non-state pension funds (NPFs) within the framework of the national pension system. The assessment of the main indicators of the functioning of NPFs in Ukraine in recent years has been carried out. The most common investment assets in the portfolio of NPFs of Ukraine in recent years have been investigated. In the article we described significant obstacles to the full functioning of NPFs, such as: obsolescence and limited legal regulation, insufficient income of citizens, too low level of financial literacy and trust of Ukrainians. In the article we identified measures that will ensure the expansion of the geography and improvement in the effectiveness of the functioning of the NPF network in Ukraine. They include: creation of the State Guarantee Fund citizens’ pension contributions to NPFs; increasing the level of transparency of NPFs and strengthening the protection of the rights of their participants; improving and modernizing the general ats, approved by law on risk management of NPFs; carrying out informational measures to increase the number of Ukrainians that are participants of NPFs; abolition of taxation of payments from NPFs upon reaching retirement age by participants of such funds; approval of tax benefits for legal entities that will establish NPFs with a total number of participants exceeding 2,000 people; ensuring the overall development of the financial market of Ukraine to create additional financial instruments, in which NPFs can invest in order to further diversify investments and increase the profitability; de-shadowing of residents' incomes; improve the living standards of Ukrainians and so on.

Introduction. The study is devoted to determining the level of pension provision of rural population in Ukraine. Today, the problem of effective retirement provision is the most acute in our country. After all, the solution to this problem is connected with the important task - ensuring social protection of the population. Methods. Various economic methods, special economic literature, and the scientific works of domestic and foreign scientists related to social protection of the population and pension insurance are used in carrying out the research. The information base is the relevant regulatory documents governing the functioning of the national pension system, as well as the Internet sites of the Main Directorate of the Pension Fund of Ukraine, State Statistics Service and the Verkhovna Rada of Ukraine. Results. The current state of the functioning of the national pension system has been assessed and the level of pension coverage for Ukrainian pensioners has been determined. Particular attention is paid to the state of pension provision of pensioners in rural areas; the dynamics of changes in their number over the study period is analysed. The tendencies of growth of wages and pension payments of the rural population are determined; the factors influencing them are analysed. The analysis of the replacement rate showed the relationship between the average pension and the average salary in the country for the study period; features that influenced the value of this indicator in the agrarian sector are noted. Discussions. Given the level of pension provision for Ukrainian pensioners, there is a need for pension reform. The size of pension payments is much lower compared to most European countries and does not meet generally accepted international standards. A particularly low level of pension payments is observed among the rural population. It has been for many years lower than the national average. In this regard, the issue of pension provision for the rural population requires additional study. The necessity of simultaneous use of all three levels of the domestic pension system, the importance of the use of funded pension programs for the population is substantiated.